The Benefits of Coworking Spaces That Might Surprise You

The benefits of coworking are well documented. But research by the Harvard Business Review unveiled some interesting new insights behind coworking spaces and how they play an important role in professional confidence.

Coworking has become a bit of a buzzword in recent times, with hundreds of articles cropping up that list the phenomenon’s well-known perks — we’ve even covered them when discussing whether flexible workspaces are here to stay. Spoiler alert: they are.

Since the first coworking space opened in 2005, thousands have popped up around the world, with the number forecasted to hit over 41,000 global coworking spaces by 2024 according to Statista. As this movement is clearly showing no signs of slowing down, let’s dive into the research and recap the perks that are pushing the demand for coworking spaces.

The Benefits of Coworking Spaces

There are plenty of benefits of coworking spaces, both pre- and post-pandemic, that business owners and managers are well aware of. As well as the obvious benefits, coworking can actually influence how you’re perceived by people inside and outside your business. The Harvard Business Review (HBR) says that coworking actually changes how you — and your employees — see you.

The study found that flexible workspaces have the power to change your professional identity for the better. To some, this might sound surprising, especially to those who think a space is just a space and a desk is just a desk. But coworking offers an environment far beyond its four walls — or lack, thereof.

The HBR study, which took place from the start of 2017 until the end of 2018, found:

The benefits of coworking spaces include:

1. Impressing clients and improving relevancy

The Harvard Business Review reported that “coworking spaces help new businesses make a positive impression on potential clientele”. In fact, one respondent actually moved to a WeWork in order to rejig her company’s reputation and prove to her clients she was willing and open to change.

Meanwhile, another respondent explained that coworking spaces are a great way to look “energetic and future focused, instead of stodgy and stuck in the past”.

2. Improving legitimacy for startups

One of the biggest benefits coworking spaces have on startups is providing them with a legitimate business address in an attractive area — without the price tag that comes with an impressive city-centre office space. Having a prestigious postcode in a typical business area, rather than a home address, provides a sense of “pride and confidence”.

“Coworking spaces give workers a sense of professionalism and credibility that traditional remote working does not”, the study found. Working from an actual office, rather than a kitchen table, immediately signals credibility and legitimacy to clients, giving the impression that you’re “a serious worker”.

3. Making employees feel valued

As you’ll be paying for each desk space used, you’re effectively paying for your employees to become a member of the coworking space. And with the amenities and perks that come with these types of spaces, your employees are likely to feel valued and that their needs are being taken seriously.

In the survey, one respondent, who is based in a satellite office outside of the business’s HQ, explained: “We’re a bit of an outpost. However, we also know that it means we are important and worth the cost they’re spending to keep us together in an office setting.”

4. Increasing productivity

Many workers opted to switch to freelancing when the pandemic hit, with People Per Hour reporting a massive 1.5 million new freelancer registrations to the platform since March 2020 — when the pandemic hit. But while it is possible to work from home, it comes with a number of distractions. Blurred lines between your work and personal life may be worsened as it’s easier to quickly complete a few life-admin errands through the day, like doing the laundry during your working hours.

Moving to an office space, however, removes you from these home distractions, leaving you to focus solely on work. Coworking spaces are specially designed for optimal productivity, catering to a range of work styles and offering a variety of backgrounds, desk spaces and meeting rooms that tailor to anyone working.

5. Flexible working options

Rather than a rigid working schedule that requires all employees to work during set office hours, coworking spaces encourage a flexible approach. This means businesses can start and finish work at a schedule that suits them and their workers best. Or, if you’re an entrepreneur that only needs a meeting room or desk space for a few hours, you can turn to flexible office spaces to book yourself in for a day, as and when you need.

6. Networking opportunities

By the very nature of coworking spaces, entrepreneurs, freelancers and businesses work together in close proximity, making networking incredibly easy — and opening up the pool of talent for your business to choose from. Whether you’re in the same industry or not, you have the opportunity to learn from other people. You may well find the freelance graphic designer your business needs while getting your morning coffee. Coworking space providers are also likely to hold building-wide events, making it easier than ever to network with those that work around you.

7. Access to shared amenities

As previously discussed, coworking spaces typically offer events for all customers. But, as well as this, it’s likely that your office will be serviced. This means the office space will include amenities like WiFi, furniture and subsidised drinks, snacks and meals for you and your employees to enjoy. You won’t be responsible for supplying these office aspects that employees have come to expect, so you can funnel your budget to other aspects of your business.

8. Sense of community

Even if you’re working in a small team, or alone as a freelancer, coworking spaces mean you’re never truly alone. With open plan desk spaces and an agile working layout, you’re likely to always be in the hustle and bustle of the working day — unless, of course, you choose to work in a dedicated focus area or private meeting room.

Having a number of businesses and professionals working together in the building will naturally create a sense of community and belonging, giving you a support system to lean on if you ever need it.

9. Flexible office contract

One of the biggest struggles of having your own office space is figuring out how much space you and your employees actually need. But then what happens if you’re locked into a lease and your company is growing in size? Constantly rearranging and reshuffling your office will only get you so far.

For startups and entrepreneurs who don’t know what their headcount will be in one, three or five years, coworking spaces allow you to only pay for the space you need. This allows your space the opportunity to grow and change with your business. Rightsizing your office space means you’re never left out of pocket, and you only pay for the space you need and use.

10. Widespread access

For those who enjoy travelling, but don’t want to take time off work, coworking spaces make it easier to find that work-life balance. Rather than setting up in a coffee shop in whichever city or town you’re visiting, you can quickly book a desk in a coworking space to give you the office feeling you need to focus. Many flexible office spaces offer members access to any office around the country, giving you the freedom to travel as you please, without sacrificing the quality of your work.

Find Coworking Spaces With Knight Frank

As we’ve discussed, there are plenty of benefits to coworking spaces for entrepreneurs and businesses of any size. In fact, coworking and entrepreneurship go hand in hand, and there are even coworking spaces for startups that facilitate growth. With community events, workshops and innovative growth programmes, these spaces offer invaluable support to businesses and entrepreneurs.

Plus, you can use a flexible workspace brokerage (like us) at no cost to you, to find the best deal for your business. Get in touch today to see how we can help you find the perfect coworking space for your business.

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